Oil prices increased today as the US, the UK and Canada levied new sanctions on Iran’s energy and financial sectors in a bid to stop its nuclear programme.
Brent crude gained 61¢ to stand at $107.49 a barrel and US crude rose 19¢ to $97.11 a barrel.
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Investors were concerned about possible military action on Iran’s nuclear sites, which could cut supplies from the country and disrupt trade in the Strait of Hormuz.
The sanctions have offset worries about Western economies and their fuel demands, reports Reuters.
